Now, just put up your FDI proposals online

NEW DELHI: Making foreign direct investment (FDI) proposals will be a lot more hassle free now since that can be done online now.

Any investor planning to enter can on file his or her investment proposal www.fipbindia.com, which was launched by finance secretary Ashok Chawla here today.

Finance ministry joint secretary Govind Mohan said with this step, the time taken from the stage of companies putting up the proposal to the Foreign Investment Promotion Board taking it up is expected to come down on an average to four weeks from the current six weeks.

An FIPB official said currently the home ministry and others seeks further informations, which delay the proposal, but now the site would have the facility for the companies to file these informations while submitting proposals online.

To a query whether the portal would bring in more FDI, Chawla said FDI inflow would depend on a lot many conditions like a conducive environment. However, he added, the new facility would definitely ease the procedures which also contribute to the FDI inflows.